Baird Manufacturing Company makes tents that it sells directly to camping enthusiasts through a mail-order marketing program. The company pays a quality control expert $110,500 per year to inspect completed tents before they are shipped to customers. Assume that the company completed 1,570 tents in January and 1,180 tents in February. For the entire year, the company expects to produce 17,000 tents
3. Cost objective is to determine the cost per tent, is the expert’s salary a direct or an indirect cost?
4. How much of the expert’s salary should be allocated to tents produced in January and February?
Net Income for the period totaled OMR75,000,preferred dividends paid totaled OMR10,000 and common dividends paid totaled OMR30,000.If there 100,000 common shares outstanding throughout the year.What was the earnings per common share
(d) 4.50 OMR
Baird Manufacturing Company makes tents that it sells directly to camping enthusiasts through a mail-order marketing program. The company pays a quality control expert $110,500 per year to inspect completed tents before they are shipped to customers. Assume that the company completed 1,570 tents in January and 1,180 tents in February. For the entire year, the company expects to produce 17,000 tents.
If the cost objective is to determine the cost per tent, is the expert’s salary a direct or an indirect cost?
How much of the expert’s salary should be allocated to tents produced in January and February?
Rooney Manufacturing Co. expects to make 31,700 chairs during the year 1 accounting period. The company made 3,600 chairs in January. Materials and labor costs for January were $16,700 and $25,200, respectively. Rooney produced 2,000 chairs in February. Material and labor costs for February were $8,900 and $13,400, respectively. The company paid the $729,100 annual rental fee on its manufacturing facility on January 1, year 1. The rental fee is allocated based on the total estimated number of units to be produced during the year.
Assuming that Rooney desires to sell its chairs for cost plus 15 percent of cost, what price should be charged for the chairs produced in January and February?
Hannah Ortega is considering expanding her business. She plans to hire a salesperson to cover trade shows. Because of compensation, travel expenses, and booth rental, fixed costs for a trade show are expected to be $7,500. The booth will be open 30 hours during the trade show. Ms. Ortega also plans to add a new product line, ProOffice, which will cost $150 per package. She will continue to sell the existing product, EZRecords, which costs $100 per package. Ms. Ortega believes that the salesperson will spend approximately 20 hours selling EZRecords and 10 hours marketing ProOffice.
1) Determine the estimated total cost and cost per unit of each product, assuming that the salesperson is able to sell 80 units of EZRecords and 50 units of ProOffice. (Round "Cost per unit" to 2 decimal places.)
2) Determine the estimated total cost and cost per unit of each product, assuming that the salesperson is able to sell 200 units of EZRecords and 100 units of ProOffice.
Caroline Company reports the following costs and expenses in May.
Factory Utilities 11,500
Depreciation on factory equipment 12,650
Depreciation on delivery trucks 3,800
Indirect factory labor 48,900
indirect materials 80,800
Direct materials used 137,600
Factory manager's salary 8,000
Direct labor 69,100
Sales salaries 46,400
Property taxes on factory building 2,500
Repairs to office equipment 1,300
factory repairs 2,000
office supplies used 2,640
From the information, determine the total amount of:
(a) Manufacturing overhead.
(b) Product costs.
(c) Period costs.
As part of a major renovation at the beginning of the year, Bonham's Bakery sold shelving units (store fixtures) that were 8 years old for $2,400 cash. The original cost of the shelves was $6,800 and they had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $1,100.
Record the sale of the shelving units.
The following information relates to Bongo Beets:
|Net Sales (all on account)||$5,00,000||$4,00,000|
|Cost of goods sold||3,90,000||2,95,000|
|Ending accounts receivable||30,000||26,000|
What is Bongo's 2020 average days to sell inventory
(c) 41 days,3 hours
(d)4 43 days
XS supply company is developing its annual financial statement at December 31,2017. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized
|Balance sheet at December 31|
|Cash||$ 50,720||$ 34,800|
|Property & Equipment||1,64,000||1,38,000|
|Less : Accumulated Depreciation||(39,600)||(34,500)|
|Note Payable,Long term||40,200||52,900|
|Income statement for 2017|
|Cost of goods sold||95,990|
a.Bought equipment for cash $26,000
b.Paid $12,700 on the long term note payable
c.Issued new shares for $25,900 cash
d.No Dividends were declared or paid.
e.Other expenses included depreciation $5,100,Wages $22,600 taxes $7,150,other $7,100
f.Accounts Payable includes only inventory purchase made on credit.Because there are no liability relating to taxes or other expenses,assume that these expenses were fully paid in cash
1.Prepare the statement of cash flows for the year ended December 31,2017 using the indirect method
Sunland Inn charges an initial fee of $ 2,448,000 for a franchise, with $ 489,600 paid when the agreement is signed and the balance in four annual payments. The present value of the annual payments, discounted at 10%, is $ 1,551,000. The franchisee has the right to purchase $ 91,800 of kitchen equipment and supplies for $ 76,500. An additional part of the initial fee is for advertising to be provided by Sunland Inn during the next five years. The value of the advertising is $ 1,020 a month. Collectibility of the payments is reasonably assured and Sunland Inn has performed all the initial services required by the contract.
Prepare the entry to record the initial franchise fee
A used machine with a purchase price of $41,809, requiring an overhaul costing $9,833, installation costs of $6,615, and special acquisition fees of $32,417, would have a cost basis of
ABC company has a net profit calculated on the replacement cost is OMR 250,000 and the capital employed is OMR 3000000. The return on the capital employed of the firm is a. 10.33% b. 12% C. 8.33% d. 9.33%
Journalize the transactions.
|Oct. 1||Diane Lexington begins business as a real estate agent with a cash investment of $20,000 in exchange for common stock.|
|2||Hires an administrative assistant.|
|3||Purchases office furniture for $2,300, on account.|
|6||Sells a house and lot for N. Fennig; bills N. Fennig $3,600 for realty services performed.|
|27||Pays $850 on the balance related to the transaction of October 3.|
Pays the administrative assistant $2,500 in salary for October.